This calculator estimates how much you could release under the First Home Super Saver Scheme (FHSS) and how it compares to saving the same amount in a bank account.
Results are estimates only — actual amounts depend on your income, contribution timing, and the ATO’s associated earnings calculation. This calculator does not constitute financial advice.
FHSS Calculator
How the FHSS Calculation Works
The ATO uses the shortfall interest charge (SIC) rate to calculate associated earnings on FHSS contributions — not your fund’s actual investment return. The SIC rate changes each quarter (set by the ATO). For illustration, this calculator uses a 4% rate, which has been broadly consistent in recent years.
Key factors affecting your estimate:
- Income: Higher income = higher marginal rate = larger tax saving from concessional contributions
- Contribution type: Concessional contributions (salary sacrifice) usually generate a larger advantage than non-concessional
- Years contributing: You can contribute up to $15,000/year — more years = larger eligible pool, up to the $50,000 cap
- Annual return assumption: The ATO’s associated earnings calculation uses the SIC rate, not your fund’s returns
Calculating Your Release Tax
For concessional contributions, the FHSS release amount is included in your assessable income and taxed at your marginal rate — but you receive a 30% tax offset on the assessable amount. This means the effective tax rate is your marginal rate minus 30 percentage points:
| Marginal Rate (incl. Medicare) | Less 30% Offset | Effective Rate on FHSS Release |
|---|---|---|
| 21% (income under $45k) | −30% | 0% (offset exceeds tax) |
| 36.5% (income $45k–$135k) | −30% | 6.5% |
| 39% (income $135k–$190k) | −30% | 9% |
| 47% (income over $190k) | −30% | 17% |
The 30% offset cannot reduce tax below zero — it is non-refundable.
What to Do Next
- Confirm you meet FHSS eligibility — see FHSS Scheme Explained
- Set up salary sacrifice with your employer (for concessional contributions), or make personal contributions via BPAY to your fund
- Keep records of which contributions you intend to be FHSS-eligible
- Apply to the ATO for an FHSS determination via myGov before signing a contract
For official FHSS rules and to apply, visit the ATO FHSS page. For advice tailored to your situation, speak with a licensed financial adviser through MoneySmart.